Word: mccain
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...filers, according to the Tax Foundation, a right-leaning think tank with a reputation for getting its numbers right. If the various tax cuts and credits Barack Obama has proposed on the campaign trail are enacted, the group estimates, that figure will rise to 63 million, while John McCain's tax plans would bring the tally to 62 million. Either way, more than 40% of the population would stand to come out even or ahead on April...
...growth in the ranks of those who pay no income tax does raise an important question that both Obama and McCain failed to fully answer during the current campaign: How the heck are we going to finance our government? The question has been looming for a while because of the chronic deficits of the Bush years and the soon-to-escalate demands on Social Security and Medicare. It has gained urgency lately, with Washington committing vast sums to fighting financial panic and with more deficit-financed emergency aid surely...
Obama's partial answer is that he will raise taxes on those making more than $200,000 a year ($250,000 for two-earner households) by returning their tax rates to the levels that prevailed before 2001. McCain's partial answer is that he will cut government spending. But both are also pledging big tax cuts. The Tax Policy Center, a joint venture of the left-leaning Urban Institute and Brookings Institution that also has a reputation for getting its numbers right, estimates that Obama's tax proposals would increase the deficit by up to $3.5 trillion over the next...
...upshot is that you can probably throw out the window most of the tax proposals Obama and McCain have been talking about on the campaign trail. The demands on government are growing, and investors around the world won't finance huge U.S. deficits forever. Four or eight years down the road, the likeliest scenario is that the overall tax burden will be higher, not lower...
Whoever wins on Nov. 4 will, inevitably, be a wartime President. In the streets of Iraq and in foxholes in Afghanistan, U.S. troops continue to fight a two-front engagement on perilous terrain, against a constantly shifting array of adversaries. John McCain supported the war in Iraq and was a leading advocate of the surge there; Barack Obama opposed the intervention and calls for pulling out roughly half of all U.S. troops by the middle of 2010. But whether that happens will depend largely on the performance of the Iraqi government. And the possibilities for a reduction in U.S. troops...